事件描述

厂家(jia)(jia)颁布(bu)2023 年(nian)年(nian)度目标(biao)统计(ji)范文及2024 年(nian)第(di)一个第(di)二季度统计(ji)范文：2023 年(nian)厂家(jia)(jia)构建开店总(zong)个人收(shou)入(ru)(ru)301.20 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) -15.29%；构建归(gui)母(mu)(mu)纯(chun)净(jing)收(shou)入(ru)(ru)润22.66 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +18.67%；扣(kou)非后归(gui)母(mu)(mu)纯(chun)净(jing)收(shou)入(ru)(ru)润23.59 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +41.73%；核心每1股(gu)报(bao)酬率(lv)0.102 元(yuan)(yuan)/股(gu)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +18.74%；权重均匀债务报(bao)酬率(lv)率(lv)有5.0124%，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)不断增(zeng)(zeng)(zeng)加0.6 个去年(nian)同期增(zeng)(zeng)(zeng)长；经营者(zhe)移动诞(dan)生的(de)现钱流净(jing)额70.25 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +9.03%。2024Q1 构建营业收(shou)入(ru)(ru)的(de)73.21 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)+3.58%；构建归(gui)母(mu)(mu)纯(chun)净(jing)收(shou)入(ru)(ru)润4.67万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +11.41%；扣(kou)非后归(gui)母(mu)(mu)纯(chun)净(jing)收(shou)入(ru)(ru)润4.71 万(wan)(wan)(wan)万(wan)(wan)(wan)元(yuan)(yuan)，相(xiang)比(bi)(bi)(bi)(bi)增(zeng)(zeng)(zeng)长率(lv)转(zhuan)(zhuan)(zhuan)变(bian) +12.04%。

事件点评

煤炭产销同增，吨煤售价下行。受银宇煤矿和福巨源煤矿合计120 万吨焦煤产能复产影响，公司煤炭产销量增长，2023 年合计原煤产量1297.23 万吨，同比+17.58%；销量1299.37 万吨，同比+17.98%。折合吨煤售价872.46元/吨，同比-27.73%；吨煤成本390.43 元/吨，同比-13.61%；吨煤毛利482.03元/吨，同比-36.17%。产销增长部分抵消煤价下行影响，2023 年煤炭业务收入113.37 亿元，同比-14.73%；煤炭业务成本50.73 亿元，同比+1.92%；煤炭毛利62.63 亿元，同比-24.70%；毛利率55.25%，同比减少7.31 个百分点。

燃料成本下降，电力毛利率大幅提升。公司2023 年实现发电量373.49亿千瓦时，同比+4.16%；上网电量353.91 亿千瓦时，同比+4.10%；平均综合售电电价0.4722 元/千瓦时，同比+2.09%；平均度电成本0.4217 元/千瓦时，同比-14.68%；电力业务收入167.11 亿元，同比+6.28%；成本149.26 亿元，同比-11.18%；毛利17.85 亿元，整体销售毛利率10.68%，同比大幅扭亏，增加17.56 个百分点。

2024Q1 去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)，焦炭量(liang)(liang)减价增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)；用(yong)(yong)电能源量(liang)(liang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)价减。2024Q1 机构煤(mei)质产(chan)(chan)品(pin)量(liang)(liang)239.52 万(wan)(wan)立(li)方(fang)(fang)米(mi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+0.49%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-30.21%；进口量(liang)(liang)237.42 万(wan)(wan)立(li)方(fang)(fang)米(mi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-1.79%，当中洗(xi)精煤(mei)产(chan)(chan)品(pin)量(liang)(liang)67.44 万(wan)(wan)立(li)方(fang)(fang)米(mi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+8.63%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-16.88%；进口量(liang)(liang)61.78 万(wan)(wan)立(li)方(fang)(fang)米(mi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+7.42%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-26.08%。等(deng)于(yu)吨(dun)煤(mei)价格918.03 元/吨(dun)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-16.66%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+4.47%；吨(dun)煤(mei)纯利518.39 元/吨(dun)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-26.06%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+14.25%。2024Q1 受安(an)监直接应响产(chan)(chan)进口量(liang)(liang)去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)下(xia)挫(cuo)，但煤(mei)价回升改正一(yi)些直接应响。用(yong)(yong)电能源股票(piao)板块，2024Q1上外网充电94.70 亿kW时(shi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+14.23%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)+10.35%；度(du)电月均价格0.4714元/kW时(shi)，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-0.25%，去(qu)(qu)(qu)年(nian)(nian)(nian)(nian)(nian)(nian)同(tong)(tong)(tong)期(qi)(qi)(qi)相(xiang)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)率(lv)(lv)(lv)(lv)(lv)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)长(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)(zhang)-3.51%。

焦煤高毛利协同电力毛利率回升，加强版煤电协同经营稳健。截止2023年底公司拥有煤炭资源量总计38.29 亿吨，其中：焦煤资源量共计9.22 亿吨，动力煤资源量共计29.07 亿吨，资源量丰富；公司目前在产煤矿15 座，总产能合计1710 万吨/年。同时，公司电力控股总装机容量达918 万千瓦、参股总装机容量达400 万千瓦，为区域内主力电厂和保供主力，利用小时数和电价相对有保障。公司煤电协同效应显现，2023 年煤炭毛利减少21.35 亿元，但电力板块增加28.66 亿元，焦煤高毛利延续叠加电煤价格中枢下移导致的燃料煤成本下降电力板块毛利率回升，公司经营稳健，业绩抗风险能力较强。

转型项目稳步推进。按照公司转型发展规划，公司致力于成为储能行业全产业链发展领先和龙头标杆企业，在已形成的全钒液流电池全产业链发展基本架构与布局基础上，正在有序推进一期3,000 吨/年高纯五氧化二钒选冶生产线和一期300MW/年新一代大容量全钒液流电池生产线建设，预计将于2024 年四季度投产；公司所属钒电池产品已完成了电堆产品定型、自主研发的BMS 程序测试和储能模块整装定型；未来，转型项目或将成为公司发展的第二增长极。

投资建议

估计(ji)单(dan)位2024-2026 年EPS 分別为0.11\0.12\0.13 元(yuan)，相(xiang)应(ying)单(dan)位4 月29日收市价1.36 元(yuan)，2024-2026 年PE 分別为12.1\11.5\10.3 倍。综合考虑单(dan)位焦煤(mei)销售高利润率廷续，电缆板块(kuai)内容加(jia)盟回报(bao)促进，估计(ji)营业收入仍有上升环境，不断会给予“持股(gu)-A”加(jia)盟信用评级。

风险提示

大体上(shang)金钱同比增(zeng)速敌不过期(qi)望(wang)隐患(huan)(huan)(huan)点(dian)点(dian)隐患(huan)(huan)(huan)；原煤(mei)市场(chang)价超期(qi)望(wang)下行带宽隐患(huan)(huan)(huan)点(dian)点(dian)隐患(huan)(huan)(huan)；安(an)全(quan)(quan)保障生產隐患(huan)(huan)(huan)点(dian)点(dian)隐患(huan)(huan)(huan)；电量市场(chang)价隐患(huan)(huan)(huan)点(dian)点(dian)隐患(huan)(huan)(huan)；全(quan)(quan)球石油市场(chang)价震荡影(ying)响的(de)石化(hua)厂出口贸(mao)易隐患(huan)(huan)(huan)点(dian)点(dian)隐患(huan)(huan)(huan)等(deng)。